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Recently had to cancel a motor insurance policy with SAGA. Was hit with an £50 cancellation fee. Thought this was extortionate and thought I would let others know before they go with them. Maybe this is a normal fee but I doubt it.

If you've been with the aforementioned Broker for a few years, the extortionate rates shouldn't come as a surprise. I've got a particular bugbear with this Broker, I've seen some rates which would make toes curl.
And these are the rates which the customer pays, trusting the brand. The insurer gets a fraction of what the customer pays, I've heard about cases which are 4 figures expensive, and the insurer receives £200... Saga keep the rest but don't hold 'the risk'.
And they recently defended their position in the Telegraph as "we don't take commission". They just call it something else.

Most around the £25 mark but £50 is not uncommon. Its not extortionate really.

Its not as if you buy SAGA insurance because it is competitively priced. Although its not a quality option either.

I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.

If you've been with the aforementioned Broker for a few years, the extortionate rates shouldn't come as a surprise. I've got a particular bugbear with this Broker, I've seen some rates which would make toes curl.
And these are the rates which the customer pays, trusting the brand. The insurer gets a fraction of what the customer pays, I've heard about cases which are 4 figures expensive, and the insurer receives £200... Saga keep the rest but don't hold 'the risk'.
And they recently defended their position in the Telegraph as "we don't take commission". They just call it something else.

They are most definitely brokers, they sell one product (with different cover levels) and have a panel of insurers who underwrite it.
I can confirm this as I work for one of them, and see these premiums day in, day out.

Just to clarify a common misconception here, the panel of insurers will compete to be the cheapest price, Saga willl then add their commission on (although they don't call it commission), this is the price the customer then pays.
The insurer has no say or control over how much Saga adds on. But I've seen cases where the customer has paid over £1300 and we've only taken £200 of that. Saga keep the rest (less the I.P.T of course).
It's absolutely diabolical, I make sure no one I know is insured with them, and I'd encourage anyone reading this to steer clear.
They market as the trusted brand for the 50+, in reality the older you get, the more they fleece you.

My Mum has Car Insurance with Saga, I am listed as 2nd driver.
We are in process of changing vehicle, so I rang them to notify.
They wanted another 115 quid, I explained the vehicle was 2 years old, smaller cc than existing car how was it that dear ???
The reply "it's a newer car"
Fair enough, but we have downsized in Car.
We renewed in March, just wondering if it's worth cancelling and losing £50
or stick it out and pay the extra.
Policy is in Mum's name but she hardly drives now.
Any suggestions please.
Thanks.

They market as the trusted brand for the 50+, in reality the older you get, the more they fleece you.

”

SAGA were slated in the annuity market as well. Their terms were always worse than those obtained by IFAs. Ironically, Ros Altman was in charge of things back then and defended the model until she decided to go all consumer protection minded.

“

Any suggestions please.

”

not saga at renewal.

I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.

We only have one car with them; my old Punto, but the cover is only about £130 per year (including a year's free vehicle breakdown), but about two years ago, they refused to cover our Punto sporting; no reason given.
I know their pet insurance is dear as in a newspaper article people were complaining about the huge jump in costs once the dog was about 7 years old.

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